For the past three months, the ring had scoured ads on the Internet for the sale of expensive luxury cars and approached owners, pretending to be prospective buyers. They then drew up fake letters of attorney and persuaded owners to sell their cars in exchange for post-dated cheques that were either stolen or could not be covered.
They then sold the cars on to other, unsuspecting buyers using more fake letters of attorney and other documents.
The ring has so far been involved in the sale of five cars, with a total profit of 125,000 euro.
The suspect under arrest has been led before an Athens first-instance court prosecutor while authorities are also looking into the ring's possible involvement in other crimes.